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The tax court ruled in favor of the company on January 25, 2016. Litigation involved deductions claimed on the 2012 and 2013 tax returns.
During the examination of the annual financial statements of Amis Manufacturing, Inc., a nonpublic company, the company's president, R. Heinrich, and Luddy.
The company believes that all material expenditures that have been deferred to future periods will be recoverable.
How would this type of contingency be classified in the accounting literature, and how should it be accounted for?
Should the auditor insist that the inventory adjustment be made despite the impact on MPI's pre-tax profits?
Should your partner require WWM to record an adjustment for the expensed items in the current year?
Write a brief description of the reason for which the entity's financial statements were restated, and write down the wording that the accounting firm.
Distinguish between accounting changes that affect consistency and changes that do not.
Give examples of a client-imposed and a condition-imposed scope limitation. Why is a client-imposed limitation generally considered more serious?
What types of reports would you issue on the corporation's comparative financial statements for 2014 and 2015?
What are the auditor's responsibilities for other information included in an entity's annual report?
List four bases for special purpose financial statements. Why is it important that the audit report clearly identify the basis of accounting .
Thibodeau Mines, Inc., uses LIFO for valuing inventories held in the United States and FIFO for inventories produced and held in its foreign operations.
Draft the audit report to accompany Modern's comparative financial statements.
The recent Royal Commission highlighted a number of internal control deficiencies and fraud perpetuated on AMP clients for an extended period of time.
The employees felt that they could not meet these standards without "fudging" their time cards or sacrificing some quality work in the assembly process.
You are to research and provide advice to the CFO on whether the gender and cultural mix together with the inclusion of a financial expert would improve.
How the identified control strengths and control weaknesses may influence the effectiveness of the control environment.
The Board requests comment generally on the potential costs to auditors and companies they audit. Are there additional costs the Board should consider?
Mac Faber was the controller of the Lewiston National Bank. In his position of controller, he was in charge of all accounting functions.
What factors prevent a company from continuing to report fraudulent results indefinitely?
Evaluate the legal mechanisms that could have been used to recover assets through the civil and criminal justice systems.
What should be done about the $350,000 that has been earned this year even though the cash was received last year?
What is the Foreign Corrupt Practices Act, and how is it important to financial reporting?
What are the four factors that might motivate a manager to attempt to manage earnings?